The Internal Revenue Service (IRS) has announced the supplemental retirement plan contribution limits remain the same for 2021. As a 403(b) or 457 plan participant, the following information and reminders may be helpful to you.
The University’s 403(b) Plan and the State’s 457 Deferred Compensation Plan contribution limits are not changing for 2021.
- Contribution limit is $19,500 for each plan.
- The limit is $26,000 if you are age 50 or over at the end of the 2021 calendar year.
- You may contribute to the 403(b) and the 457 Plans simultaneously, and you may contribute to both traditional (pre-tax) and Roth (after-tax) at the same time, but your combined contributions cannot exceed the limit for each plan.
- See the Supplemental Retirement Plan Comparison Chart for more information.
To Change Your Contribution(s)
Beginning With Your First Pay in January
|
|
University 403(b)
|
Go to My UI Info to complete a Salary Reduction and/or Redirection Agreement (SRA) between the following dates:
Bi-weekly Paid Employees: December 13 – 24
Monthly Paid Employees: December 17 – January 1
Completing the SRA before the above dates will make the change too soon, and after the above dates may delay the change until February.
|
|
State 457 Deferred Comp.
|
Go to T. Rowe Price to complete an enrollment, change or revocation between the following dates:
Bi-weekly Paid Employees: December 12 – 22
Monthly Paid Employees: December 5 – January 2
Completing your transaction before the above dates will make the change too soon, and after the above dates may delay the change until February.
|
Final Contributions for Tax Year 2020
The retirement plan payroll deductions withheld from your December paycheck(s) are the final contributions that can be made for the 2020 tax year.
Important for Each Tax Year
If you contributed, in any calendar/tax year, to a retirement plan through another employer, it is your responsibility to monitor your total contributions to all plans to ensure that you do not contribute over the IRS maximum allowed each year.
Questions?
For more information, please see Retirement & Investment Plans. If you need assistance making a change to your contribution amount or have questions, contact University Payroll & Benefits (UPB):
Please make all changes online using the University SRA and/or T. Rowe Price system. UPB cannot guarantee the timely receipt and processing of any forms mailed or faxed to the UPB office at this time. Do not send forms or documentation that include your Social Security Number.
- Urbana: 217-265-6363
- Chicago: 312-996-7200
- Springfield: 217-206-7144
